Samsung’s brand new flagship Galaxy S5 smartphone is barely a week old but it has already seen a substantial price cut in the third largest smartphone market in the world. The new Samsung hero phone recently went on sale in India at Rs. 51,990 ($860) off contract. When HTC’s new HTC One (M8) launched in India on Monday for 49,990 ($827), however, the cost of Samsung’s new Galaxy S5 was immediately slashed as a result.

As noted by SamMobile, Samsung’s new flagship phone is now listed at Rs. 46,831 ($775) in white by popular cell phone retailer Flipkart. The new price represents a significant drop of about 10%, and the blog expects the price of the black version to follow soon.